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What Will Be the Forecasted Market Size and Growth Rate for the Connected Truck Market?
The connected truck market size has experienced rapid growth in recent years, expanding from $34.6 billion in 2024 to an expected $40.13 billion in 2025, representing a compound annual growth rate (CAGR) of 16.0%. This growth can be attributed to factors such as increased telematics integration, improved fuel efficiency and emission compliance, enhanced safety, optimized fleet management, and regulatory compliance.
The connected truck market is forecasted to continue its swift expansion, reaching an impressive $74.47 billion by 2029 with a CAGR of 16.7%. Autonomous and semi-autonomous driving, predictive maintenance solutions, smart city initiatives, environmental sustainability goals, and opportunities for data monetization are predicted to drive this growth. Major market trends in the forecast period include enhanced telematics and fleet management, integration of IoT sensors, eco-friendly solutions, and driver assistance systems.
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What Is Driving the Connected Truck Market Growth?
The connected truck market’s robust growth is largely driven by the increase in fuel efficiency. Fuel-efficient vehicles, which measure the distance traveled per unit of fuel consumed, are becoming increasingly popular. Connected trucks contribute to this efficiency by optimizing routing and avoiding traffic slow-downs, thereby reducing fuel consumption. For instance, according to the Environmental Protection Agency (EPA), most vehicle categories saw a rise in their fuel economy, with sports utility vehicles noting a 2.4 mpg improvement in the 2022 model year.
Which Are the Major Segments Within the Global Connected Truck Market?
The connected truck market report covers the following segments:
1) By Vehicle Type: Light Commercial Vehicles, Heavy Commercial Vehicles
2) By Range: Dedicated Short Range, Long Range Or Cellular Network
3) By Communication Type: Vehicle to Vehicle (V2V), Vehicle to Cloud (V2C), Vehicle to Infrastructure (V2I)
4) By Application: Driver Assistance, Safety, Entertainment, Well-being, Vehicle Management, Mobility Management
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What Major Companies Are Operating in the Connected Truck Market?
The connected truck market’s main players include Robert Bosch GmbH, Continental AG, Denso Corporation, ZF Friedrichshafen AG, Magna International Inc., Daimler AG, Harman International, Aptiv Global Operations Limited, Sierra Wireless Inc., Mercedes-Benz Group AG, Aktiebolaget Volvo, NXP Semiconductors NV, Verizon Communications Inc., Trimble Inc., Borgwarner Inc., Geotab Inc., Mix Telematics, TomTom International BV, Traton SE, Tata Motors Ltd., PACCAR Inc., DAF Trucks N.V., WABCO Vehicle Control Systems, Stoneridge Inc., Navistar International Corporation, Scania AB, Iveco Group NV, AT&T Fleet Complete, KeepTruckin Inc., and Omnitracs LLC.
What Emerging Trends Are Shaping the Connected Truck Market Landscape?
Technological advancements are a key trend gaining popularity in the connected truck market. For instance, Volvo Trucks North America launched Connected Vehicle Analytics (CVA), a tool that collects data from fleet operations like current truck configurations, daily routes, average speed, and fuel usage, enabling dealers to overlook fleet usage efficiency and productivity.
Which Region Will Witness the Fastest Growth Rate in the Connected Truck Market?
In 2024, North America dominated the connected truck market, while Europe is predicted to witness the highest growth during the forecast period. The connected truck market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does the Connected Truck Market Report 2025 Offer?
The global connected truck market is expected to grow rapidly, stimulated by novel technological advancements. A connected truck is a commercial vehicle equipped with connected vehicle technology, enabling communication with other vehicles, devices, and systems within its environment, thus enhancing safety and driving experience.
The Connected Truck Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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